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Lee & Associates - Arizona | Week in Review | Friday, October 3, 2014

Drivetime Expanding in Mesa, New Buildings to House Hundreds of New Employees

The owner and founder of DriveTime Automotive Group has acquired an office-industrial project in Mesa that will house of hundreds of employees for the fast-growing national used car business.BREW

LOCAL NEWS

There is a light at the end of the Phoenix recovery tunnel

It’s been a long, slow climb, and the light at the end of the tunnel has been seen for over a year. Many are wondering at what point the Phoenix economy hits daylight.PHOENIX BUSINESS JOURNAL

Park Lucero development to bring more than 1,000 jobs to Gilbert

Trammell Crow Company, in partnership with Artis REIT, broke ground on the first phase of the Park Lucero project in Gilbert, AZ.AZRE

West Valley leads future residential growth; poised for commercial development

With Arizona being a pro-growth state and one of the most affordable places to live, coupled with population and job growth ranking in the nation’s top 10, Vistancia plans to capitalize on the West Valley’s continued expansion with the evolution of its 500-acre commercial core.ARIZONA NEWSZAP

320-Unit Multi-Family, Restaurant Planned for East Camelback Road

The City of Phoenix has approved a minor plan amendment for a new mixed-use, multi-family development southwest of the corner of Camelback Road and 44th Street.AZBEX

Economy Watch: GDP, Consumer SentimentReal U.S. gross domestic product increased at an annualized rate of 4.6 percent during the second quarter of 2014, according to the Bureau of Economic Analysis’ final estimate, which was released on Friday. It was a 360-degree turn from the weather-impaired first quarter, when real GDP decreased 2.1 percent.

A surprisingly powerful surge in hiring pushed unemployment to a six-year low of 5.9 percent in September as the U.S. labor market showed renewed vigor.BLOOMBERG

Office Investors Decide It’s Time To Buy Vacancy

An economy producing a steady stream of new jobs, combined with a dwindling supply of affordable core office properties, has reversed investor sentiment for office properties that were largely discredited and ignored by investors as recently as one year ago. COSTAR

Urban Locations Are Most Desirable for New HQs

Developers are trying two distinct approaches to attracting new office tenants in a market that is rapidly seeing cheap, big-block space dry up: the tried-and-true new class-A headquarters building and repositioning a dated property.NATIONAL RE INVESTOR